China has signed a $31bn currency swap agreement with Australia, a step towards boosting the renminbi’s profile in developed markets.
Beijing has established nearly 20 bilateral swap lines in the past four years, but Australia is the biggest economy yet to sign such a deal, which analysts said could give a shot in the arm to Beijing’s goal of internationalising its currency.
While central banks normally use swaps to provide liquidity to each other in the event of a financial crisis, China has been using them to lay the groundwork for the renminbi’s slow march into global markets.
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